Inventory is at an all time low. Again. And the median price range is at an all time high. Again. The median price for a single-family, detached home is now at a staggering $455k, which is an 11.5% increase from this time last year. With our continual low inventory, homes are still flying off the market, selling in an average of 29 days. Last year? Homes stayed on the market just two days longer. A (small) ray of sunshine: mortgage rates are holding steady. There was a slight decrease to 4.03% in February from 4.17% the year prior. In payment terms, that will save you roughly $30 a month on a $455k home.
Lower interest rate = more buying power.
Don’t hold out too long. With the Fed increasing rates, mortgage experts are hinting the average 30-year mortgage rate will be closer to 5% by year end.